Economy

China’s worst heatwave in 60 years is forcing factories to close

Sichuan is a key manufacturing location for the semiconductor and solar panel industries and the power rationing will hit factories belonging to some of the world’s biggest electronics companies, including Apple (AAPL) supplier Foxconn and Intel (INTC). The province is also China’s lithium mining hub — a key component of electric car batteries — and …

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UK inflation hits new 40-year high of 10.1% as food and energy price surge continues

Liz Truss and Rushi Sunak during The Sun’s Showdown: The Fight for No10, the latest head-to-head debate for the Conservative Party leader candidates. The next prime minister will be forced to confront a historic cost of living crisis as food and energy prices soar and real income shrinks. Dominic Lipinski | Pa Images | Getty …

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Warren Buffett boosts Big Tech bets as other billionaires dump stocks

Berkshire Hathaway boss Warren Buffett doubled down on his Big Tech bets during the second quarter – even as other billionaire investors sold off their holdings as fears mounted about a market crash. The firm headed by the “Oracle of Omaha” added nearly four million shares of Apple stock during the three-month period ending in …

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‘Dangerous territory’: Investor Peter Boockvar warns recession is spreading to other parts of economy

There may be no escape from recession. The latest reports on housing and manufacturing, according to investor Peter Boockvar, suggest it’s rapidly spreading to other parts of the economy. “People are not being sensitive enough to this economic slowdown and what it’s going to be mean for corporate earnings and profit margins,” the Bleakley Advisory …

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Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession

Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The Federal Reserve’s path to bringing down runaway inflation while keeping the economy from slipping into a major downturn is still open but is getting narrower, according …

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Stocks making the biggest moves midday: Disney, Poshmark, Vroom and more

Disney World celebrated its 50th anniversary in April 2022. Aaronp/bauer-griffin | Gc Images | Getty Images Check out the companies making headlines in midday trading Monday. Poshmark — Shares of the secondhand fashion retailer jumped 15% after Barclays upgraded them to overweight from equal weight. The firm said it sees more than 40% potential upside for the …

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US falls into ‘housing recession’ as mortgage rates, building costs surge

The US housing market has plunged into a full-blown recession as tightened economic policy and surging expenses weigh on home builders. Builder confidence has plummeted for eight consecutive months, marking its worst stretch since the housing market imploded in 2007 in the midst of the Great Recession, according to data released Monday. The National Association …

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Jamie Dimon: There’s ‘truth’ to China’s claim US is ‘incompetent and lazy’

Jamie Dimon thinks that “there is truth” to China’s claim that the United States is “incompetent and lazy” — though he added it was a “mistake to say that America has the short end of the stick.” Dimon, whose net worth is pegged by Forbes at $1.5 billion, warned of “storm clouds” on the horizon …

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